# GETTY REALTY CORP /MD/ (GTY)

Informational only - not investment advice.

CIK: 0001052752
SIC: 6500 Real Estate
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=1052752
Filing source: https://www.sec.gov/Archives/edgar/data/1052752/000119312526048965/gty-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001193125-26-048965 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001052752.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 221,727,000 USD | 2025 | verified |
| Net income | 79,192,000 USD | 2025 | verified |
| Assets | 2,173,368,000 USD | 2025 | verified |
| Free cash flow | 127,017,000 USD | 2025 | computed |
| Net margin | 35.72% | 2025 | computed |
| Operating margin | 57.18% | 2025 | computed |
| Revenue YoY | +9.02% | 2025 | computed |
| ROE | 7.39% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | GTY | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 35.7% | 8.9% | 74 | 20 |
| Operating margin | 57.2% | 10.4% | 89 | 10 |
| Revenue growth | 9.0% | 8.9% | 56 | 19 |
| FCF margin | 57.3% | -11.0% | 100 | 11 |
| ROE | 7.4% | 5.5% | 74 | 20 |
| ROA | 3.6% | 1.4% | 74 | 20 |
| Liabilities / equity | 1.03 | 1.39 | 42 | 20 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6500 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 221727000 | USD | 2025 | 2026-02-12 |
| Net income | 79192000 | USD | 2025 | 2026-02-12 |
| Assets | 2173368000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001052752.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 115,271,000 | 120,153,000 | 136,106,000 | 140,655,000 | 147,346,000 | 155,408,000 | 165,588,000 | 185,846,000 | 203,391,000 | 221,727,000 |
| Net income |  | 38,411,000 | 47,186,000 | 47,706,000 | 49,723,000 | 69,388,000 | 62,860,000 | 90,043,000 | 60,151,000 | 71,064,000 | 79,192,000 |
| Operating income |  | 54,359,000 | 56,431,000 | 67,321,000 | 66,762,000 | 75,577,000 | 86,457,000 | 117,292,000 | 91,147,000 | 109,770,000 | 126,785,000 |
| Diluted EPS |  | 1.12 | 1.26 | 1.17 | 1.19 | 1.62 | 1.37 | 1.88 | 1.15 | 1.25 | 1.35 |
| Operating cash flow |  | 36,874,000 | 59,253,000 | 66,361,000 | 76,774,000 | 82,827,000 | 86,818,000 | 93,086,000 | 105,298,000 | 130,504,000 | 127,446,000 |
| Capital expenditures | 334,000 | 298,000 | 434,000 | 3,794,000 | 14,000 | 282,000 | 271,000 |  | 309,000 | 878,000 | 429,000 |
| Dividends paid |  | 36,231,000 | 39,299,000 | 50,503,000 | 56,889,000 | 62,626,000 | 70,770,000 | 78,264,000 | 86,964,000 | 100,209,000 | 108,653,000 |
| Assets |  | 877,306,000 | 1,072,754,000 | 1,161,948,000 | 1,211,777,000 | 1,349,512,000 | 1,466,948,000 | 1,562,295,000 | 1,822,305,000 | 1,973,680,000 | 2,173,368,000 |
| Liabilities |  | 446,388,000 | 519,059,000 | 580,784,000 | 622,338,000 | 689,911,000 | 721,840,000 | 802,445,000 | 866,753,000 | 1,011,597,000 | 1,101,239,000 |
| Stockholders' equity |  | 430,918,000 | 553,695,000 | 581,164,000 | 589,439,000 | 659,601,000 | 745,108,000 | 759,850,000 | 955,552,000 | 962,083,000 | 1,072,129,000 |
| Cash and cash equivalents |  | 12,523,000 | 19,992,000 | 46,892,000 | 21,781,000 | 55,075,000 | 24,738,000 | 8,713,000 | 3,307,000 | 9,484,000 | 8,361,000 |
| Free cash flow |  | 36,576,000 | 58,819,000 | 62,567,000 | 76,760,000 | 82,545,000 | 86,547,000 |  | 104,989,000 | 129,626,000 | 127,017,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 33.32% | 39.27% | 35.05% | 35.35% | 47.09% | 40.45% | 54.38% | 32.37% | 34.94% | 35.72% |
| Operating margin |  | 47.16% | 46.97% | 49.46% | 47.47% | 51.29% | 55.63% | 70.83% | 49.04% | 53.97% | 57.18% |
| Return on equity |  | 8.91% | 8.52% | 8.21% | 8.44% | 10.52% | 8.44% | 11.85% | 6.29% | 7.39% | 7.39% |
| Return on assets |  | 4.38% | 4.40% | 4.11% | 4.10% | 5.14% | 4.29% | 5.76% | 3.30% | 3.60% | 3.64% |
| Liabilities / equity |  | 1.04 | 0.94 | 1.00 | 1.06 | 1.05 | 0.97 | 1.06 | 0.91 | 1.05 | 1.03 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/GTY/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001052752.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.27 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.28 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.26 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 50,486,000 | 16,033,000 | 0.31 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 47,642,000 | 16,512,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 48,970,000 | 16,723,000 | 0.30 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 49,937,000 | 16,711,000 | 0.30 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 51,467,000 | 15,335,000 | 0.27 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 53,016,000 | 22,295,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 52,330,000 | 14,786,000 | 0.25 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 53,257,000 | 14,014,000 | 0.24 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 55,591,000 | 23,348,000 | 0.40 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 60,549,000 | 27,044,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 57,844,000 | 26,629,000 | 0.43 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 59,051,000 | 22,585,000 | 0.36 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from GTY's latest 10-K: [/company/GTY/business/](/company/GTY/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from GTY's latest 10-K: [/company/GTY/risk-factors/](/company/GTY/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1052752/000119312526314247/gty-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand our operations and our present business environment from the perspective of management. The following discussion and analysis should be read in conjunction with the sections entitled “Part I, Item 1A. Risk Factors” and “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025; “Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the period ended March 31, 2026; and “Part I, Item 1. Financial Statements” in this Quarterly Report on Form 10-Q for the period ended June 30, 2026.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q may constitute “forward-looking statements” within the meaning of the federal securities laws that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements preceded by, followed by, or that otherwise include the words “believes,” “expects,” “seeks,” “plans,” “projects,” “estimates,” “anticipates,” “predicts” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and are not historical facts. All capitalized and undefined terms used in this section shall have the same meanings hereafter defined in this Quarterly Report on Form 10-Q.

Examples of forward-looking statements included in this Quarterly Report on Form 10-Q include, but are not limited to, our statements regarding:

•
our network of convenience stores, express tunnel car washes, automotive service centers, and certain other freestanding retail properties, including drive-thru quick service restaurants and automotive parts retailers;

•
our investment strategy and its impact on our financial performance;

•
changes in market conditions affecting our tenants and their financial stability and creditworthiness, which would impact their compliance with lease obligations;

•
concentration of certain tenants in similar industries or concentration of our owned and leased properties in certain geographic locations;

•
the amount of revenue we expect to realize from our properties, including renewal of existing leases, sale, acquisition or redevelopment opportunities;

•
our belief that our real estate assets are not carried at amounts in excess of their estimated net realizable fair value amounts;

•
compliance of our properties with federal, state, and local provisions enacted or adopted pertaining to environmental matters;

•
our ability to maintain our federal tax status as a REIT, effects of U.S. federal tax reform and other legislative, regulatory, and administrative developments;

•
our competitive position in our industry, including the impact of existing legislation and regulations;

•
the cost and potential outcomes of current and future environmental and litigation matters, including those resulting from preexisting unknown environmental contamination and matters related to our former Newark, New Jersey Terminal and the Lower Passaic River, our MTBE multi-district litigation cases in the states of Pennsylvania and Maryland, and related accruals, estimates, and assumptions regarding our liabilities, remediation costs and expected recoveries;

•
impact of global political and economic uncertainties, including changes in tariff policies and trade relationships, geopolitical conflicts, and public health crises, and their potential effects on our operations, tenant performance, and financial condition;

•
our ability to adequately secure our information technology systems and the regulated data stored therein, as required by law;

•
the adequacy of our insurance coverage and that of our tenants on our owned and leased properties;

•
our ability to attract and retain key management personnel;

•
our workplace demographics, recruiting efforts, and employee compensation program;

25

•
our use of FFO and AFFO as measures that represent our core operating performance and its utility in comparing our core operating performance between periods;

•
the reasonableness of our estimates, judgments, projections, and assumptions used regarding our accounting policies and methods;

•
our ability to maintain an effective system of internal control over financial reporting;

•
our indemnification obligations and the indemnification obligations of others;

•
the adequacy of our current and anticipated cash flows from operations, borrowings under our Credit Facility, and available cash and cash equivalents to fund our future operating expenses and capital expenditure requirements;

•
our continued compliance with the covenants in our credit and notes agreements;

•
our ability to pay dividends and changes to our dividend policy; and

•
our dependence on external sources of capital, timing of and need for additional financing and dilution as a result of future issuances of equity securities.

These forward-looking statements are based on our current beliefs and assumptions and information currently available to us, and are subject to known and unknown risks, uncertainties and other factors including, but not limited to, the risks described in “Part I, Item 1A. Risk Factors” and “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, “Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the period ended March 31, 2026, and this Quarterly Report on Form 10-Q for the period ended June 30, 2026 as such risk factors may be updated from time to time in our public filings. Such risks and uncertainties were derived based on numerous important assumptions, which may not be realized, and may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Most of these factors are difficult to predict accurately and are generally beyond our control. New risk factors and uncertainties may also emerge from time to time, and there can be no assurance that we have identified all risks and uncertainties that may affect it.

As a result of these and other factors, we may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect our business, financial condition, operating results, our growth or reinvestment strategies, our ability to pay dividends or stock price. An investment in our stock involves various risks, including those mentioned above and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and those that are described from time to time in our other filings with the SEC.

You should not place undue reliance on forward-looking statements, which reflect our view only as of the date hereof. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events, unless required by law.

General

Real Estate Investment Trust

We are a net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. Our portfolio includes convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), drive-thru quick service restaurants, and certain other freestanding retail properties. As of June 30, 2026, our portfolio included 1,224 properties, including 1,198 properties owned by us and 26 properties that we leased from third-party landlords. As a REIT, we are not subject to federal corporate income tax on the taxable income we distribute to our stockholders. In order to continue to qualify for taxation as a REIT, we are required, among other things, to distribute at least 90% of our ordinary taxable income to our stockholders each year.

Our Properties

Our 1,224 properties are located in 46 states and Washington D.C. and our typical property is located in a larger metropolitan area and is used as a convenience store, express tunnel car wash, automotive service center, drive thru quick service restaurant, or certain other freestanding retail uses. Many of our properties are located at highly trafficked urban intersections or conveniently close to highway entrances or exit ramps.

26

As of June 30, 2026, we leased 1,220 of our properties to tenants under triple-net leases, including 984 properties leased under 66 separate unitary or master triple-net leases, and 236 properties leased under single unit triple-net leases. These leases generally provide for an initial term of 15 or 20 years, with options for successive renewal terms of up to 20 years, and periodic rent escalations. As of June 30, 2026, our weighted average remaining lease term, excluding renewal options, was 10.3 years.

Substantially all of our properties are leased on triple-net basis to convenience store operators, petroleum distributors, express tunnel car wash operators and other automotive-related and retail tenants. Our tenants either operate their business at our properties directly or, in the case of certain convenience stores and gasoline and repair stations, sublet our properties and supply fuel to third parties that operate the businesses. For additional information regarding risks related to our tenants’ dependence on the performance of the industry, see “Item 1A. Risk Factors—Risks Related to Our Business and Operations—Significant number of our tenants depend on the same industry for their revenues” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Our triple-net lease tenants are responsible for the payment of all taxes, maintenance, repairs, insurance and other operating expenses relating to our properties, and are also responsible for environmental contamination occurring during the terms of their leases. Substantially all of our tenants are also responsible for pre-existing environmental contamination that is discovered during their lease term, except contamination that was known at lease commencement, as to which we have established reserves. For additional information regarding our environmental obligations, see Note 7 – Environmental Obligations.

As of June 30, 2026, we also had three vacant properties and one property under redevelopment.

Investment Strategy and Activity

As part of our strategy to grow and diversify our portfolio, we regularly review acquisition and financing opportunities to invest in additional convenience, automotive and other single tenant retail real estate. We primarily pursue sale leaseback transactions with existing and prospective tenants and will also provide forward commitments to acquire new-to-industry construction and acquire assets with in-place leases. Our investment activities may also include purchase money financing with respect to properties we sell, real property loans relating to our leasehold properties, and construction loans or other financing for the development of new-to-industry properties. Our investment strategy seeks to generate curren

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1052752/000119312526048965/gty-20251231.htm
Complete FY 2025 MD&A: /company/GTY/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand our operations and our present business environment from the perspective of management. The following discussion and analysis should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements”; “Item 1A. Risk Factors”; and the consolidated financial statements and related notes in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K. We use certain non-GAAP measures that are more fully described below under the caption “—Supplemental Non-GAAP Measures,” which we believe are appropriate supplemental non-GAAP measures of the performance of REITs used by our management, as well as REIT analysts.

This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

General

Real Estate Investment Trust

We are a net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. Our portfolio includes convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), drive-thru quick service restaurants, and certain other freestanding retail properties. As of December 31, 2025, our portfolio included 1,174 properties, including 1,145 properties owned by us and 29 properties that we leased from third-party landlords. As a REIT, we are not subject to federal corporate income tax on the taxable income we distribute to our stockholders. In order to continue to qualify for taxation as a REIT, we are required, among other things, to distribute at least 90% of our ordinary taxable income to our stockholders each year.

Our Properties

Our 1,174 properties are located in 44 states and Washington D.C., and our typical property is located in a larger metropolitan area and is used as a convenience store, express tunnel car wash, automotive service center, drive thru quick service restaurant, or certain other freestanding retail uses. Many of our properties are located at highly trafficked urban intersections or conveniently close to highway entrances or exit ramps.

As of December 31, 2025, we leased 1,169 of our properties to tenants under triple-net leases, including 962 properties leased under 62 separate unitary or master triple-net leases, and 207 properties leased under single unit triple-net leases. These leases generally provide for an initial term of 15 or 20 years, with options for successive renewal terms of up to 20 years, and periodic rent escalations. As of December 31, 2025, our weighted average remaining lease term, excluding renewal options, was 9.9 years.

Substantially all of our properties are leased on triple-net basis to convenience store operators, petroleum distributors, express tunnel car wash operators and other automotive-related and retail tenants. Our tenants either operate their business at our properties directly or, in the case of certain convenience stores and gasoline and repair stations, sublet our properties and supply fuel to third parties that operate the businesses. For additional information regarding risks related to our tenants’ dependence on the performance of the industry, see “Item 1A. Risk Factors—Risks Related to Our Business and Operations—Significant number of our tenants depend on the same industry for their revenues” in this Annual Report on Form 10-K.

Our triple-net lease tenants are responsible for the payment of all taxes, maintenance, repairs, insurance and other operating expenses relating to our properties, and are also responsible for environmental contamination occurring during the terms of their leases. Substantially all of our tenants are also responsible for pre-existing environmental contamination that is discovered during their lease term, except contamination that was known at lease commencement, as to which we have established reserves. For additional information regarding our environmental obligations, see Note 6 in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.

As of December 31, 2025, we also had two properties under redevelopment and three properties were vacant.

Investment Strategy and Activity

As part of our strategy to grow and diversify our portfolio, we regularly review acquisition and financing opportunities to invest in additional convenience, automotive and other single tenant retail real estate. We primarily pursue sale leaseback transactions with existing and prospective tenants and will also provide forward commitments to acquire new-to-industry construction and acquire assets with in-place leases. Our investment activities may also include purchase money financing with respect to properties we sell, real property loans relating to our leasehold properties, and construction loans or other financing for the development of new-to-industry properties. Our investment strategy seeks to generate current income and benefit from long-term appreciation in the underlying value of our real estate. To achieve that goal, we seek to invest in well-located, freestanding properties that support automobility and provide

31

convenience and service to consumers in major markets across the country. A key element of our investment strategy is to invest in properties that will enhance our property type, tenant and geographic diversification.

During the year ended December 31, 2025, we invested approximately $273.0 million in convenience and automotive retail properties, including the acquisition of 28 drive-thru quick service restaurants, 24 convenience stores, 15 automotive service centers, and nine express tunnel car washes.

During the year ended December 31, 2024, we invested approximately $209.0 million in convenience and automotive retail properties, including the acquisition of 31 express tunnel car washes, 19 automotive service centers, 17 convenience stores, and four drive-thru quick service restaurants.

For additional information regarding our property acquisitions, see Note 13 in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.

Redevelopment Strategy and Activity

We believe that certain of our properties, primarily those currently being used as gas and repair businesses, are well-suited to be redeveloped as modern convenience stores or other single tenant convenience and automotive retail uses, such as automotive parts retailers, quick service restaurants, auto service centers, and bank branches. We believe that the redeveloped properties can be leased or sold at higher values than their prior use.

During the year ended December 31, 2025, rent commenced on one completed redevelopment project and increased rent commenced on one revenue-enhancing capital expenditure project for an expanded convenience store. During the year ended December 31, 2024, rent commenced on one completed redevelopment project. Since the inception of our redevelopment program in 2015, we have completed 34 redevelopment and revenue-enhancing capital expenditure projects.

As of December 31, 2025, we had two properties under active redevelopment and others in various stages of feasibility planning for potential recapture from our net lease portfolio.

Supplemental Non-GAAP Measures

We manage our business to enhance the value of our real estate portfolio and, as a REIT, place particular emphasis on minimizing risk, to the extent feasible, and generating cash sufficient to make required distributions to stockholders of at least 90% of our ordinary taxable income each year. In addition to measurements defined by GAAP, we also focus on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure our performance.

FFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate our performance in conjunction with corresponding GAAP measures.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net earnings before (i) depreciation and amortization of real estate assets, (ii) gains or losses on dispositions of real estate assets, (iii) impairment charges, and (iv) the cumulative effect of accounting changes.

We define AFFO as FFO excluding (i) certain revenue recognition adjustments (defined below), (ii) certain environmental adjustments (defined below), (iii) stock-based compensation, (iv) amortization of debt issuance costs and (v) other non-cash and/or unusual items that are not reflective of our core operating performance.

Other REITs may use definitions of FFO and/or AFFO that are different than ours and, accordingly, may not be comparable.

We believe that FFO and AFFO are helpful to analysts and investors in measuring our performance because both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to, or are not indicative of, the core operating performance of our portfolio. Specifically, FFO excludes items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate assets, and impairment charges. With respect to AFFO, we further exclude the impact of (i) deferred rental revenue (straight-line rent), the net amortization of intangible market lease assets and liabilities, adjustments recorded for the recognition of rental income from direct financing leases, and the amortization of deferred lease incentives (collectively, “Revenue Recognition Adjustments”), (ii) environmental accretion expenses, environmental litigation accruals, insurance reimbursements, legal settlements and judgments, and changes in environmental remediation estimates (collectively, “Environmental Adjustments”), (iii) stock-based compensation expense, (iv) amortization of debt issuance costs and (v) other items, which may include allowances for credit losses on notes and mortgages receivable and direct financing leases, losses on extinguishment of debt, retirement and severance costs, losses on termination of swaps, and other items that do not impact our recurring cash flow and which are not indicative of our core operating performance.

32

We pay particular attention to AFFO which we believe provides the most useful depiction of the core operating performance of our portfolio. By providing AFFO, we believe we are presenting information that assists analysts and investors in their assessment of our core operating performance, as well as the sustainability of our core operating performance with the sustainability of the core operating performance of other real estate companies.

A reconciliation of net earnings to FFO and AFFO is as follows (in thousands, except per share amounts):

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/GTY/mda/fy2025/
All MD&A years: /company/GTY/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/GTY/mda/fy2024/): filed 2025-02-13; accession 0000950170-25-019976 (https://www.sec.gov/Archives/edgar/data/1052752/000095017025019976/gty-20241231.htm)
- [FY 2023 MD&A](/company/GTY/mda/fy2023/): filed 2024-02-15; accession 0000950170-24-015982 (https://www.sec.gov/Archives/edgar/data/1052752/000095017024015982/gty-20231231.htm)
- [FY 2022 MD&A](/company/GTY/mda/fy2022/): filed 2023-02-23; accession 0000950170-23-004172 (https://www.sec.gov/Archives/edgar/data/1052752/000095017023004172/gty-20221231.htm)
- [FY 2021 MD&A](/company/GTY/mda/fy2021/): filed 2022-02-24; accession 0001564590-22-006773 (https://www.sec.gov/Archives/edgar/data/1052752/000156459022006773/gty-10k_20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6500 Real Estate) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/GTY.md · JSON record: /company/GTY.json · verified financials: /company/GTY/financials.json / /company/GTY/financials.csv · machine TOC for the whole site: /llms.txt